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milpo (45.07)

HR 1207- Auditing the Federal Reserve



March 10, 2009 – Comments (8)

HR 1207 (Federal Reserve Transparency Act of 2009) was introduced by Dr. Ron Paul on February 26, 2009. This represents the first attempt at a true audit of the Federal Reserve since its inception in 1913.

Support H.R. 1207 to Audit the Federal Reserve

Here's a bill all of us need to get behind to help break the Federal Reserve's stranglehold on our money, our economy, and our freedom.

Last week (the week of February 23, 2009) was a very productive one for Ron Paul. On Monday he posted, "On Transparency of the Fed," which applauded the Fed's recent initiatives to enhance its transparency and accountability. However, Paul went on to say, "But with so much of the Fed’s business cloaked in secrecy, these latest initiatives will not even scratch the surface of the Fed’s opaque operations." Furthermore, according to Paul, "People are demanding answers and explanations for our economic malaise, and we should settle for nothing less than the whole truth on monetary policy."

Therefore, Paul announced:

"The first step is to pass legislation I will soon introduce requiring an audit of the Federal Reserve so we can at least get an accurate picture of what is happening with our money.  If this audit reveals what I suspect, and Congress has finally had enough, they can also pass my legislation to abolish the Federal Reserve and put control of the economy’s lifeblood, the currency, back where it Constitutionally belongs.  If Congress refuses to do these two things, the very least they could do is repeal legal tender laws and allow people to choose a different currency in which to operate.  If the Fed refuses to open its books to an audit, and Congress refuses to demand this, the people should not be subject to the whims of this secretive and incompetent organization."

As his next step, Dr. Paul introduced the new bill on February 26, the "Federal Reserve Transparency Act of 2009," H.R. 1207. The pupose of this act is "To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes."

Although this description of H.R. 1207 is quite vague, Ron Paul made this bill's intent and expected impact very clear in his speech to the Conservative Political Action Conference (CPAC) on Friday, February 27. Click here for a video of this very important speech.

The bottom line is that Ron Paul has designed H.R. 1207 to provide, if passed, the first true audit of the Federal Reserve. This audit would be provided to the congressional leadership and to any other member of Congress who asked for a copy. This audit would be a powerful tool for exposing exactly how the Fed controls our economy and our freedom through its creation of money out of thin air. Wielded properly by freedom-minded citizens and legislators, this audit could play a decisive role in restoring sound money and phasing out the Federal Reserve.

8 Comments – Post Your Own

#1) On March 10, 2009 at 5:41 AM, DaretothREdux (53.09) wrote:


The FED is the greatest threat to our liberty in our time. Why should a private organization get to determine how much or how little to inflate or deflate my money. It's stealing from someone either way.

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#2) On March 10, 2009 at 7:51 AM, TDRH (97.19) wrote:

I like Ron Paul, but he is chasing windmills.    Unfortunately, there are very few in Congress that would even understand the results of the audit.  Vested interests rule congress.

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#3) On March 10, 2009 at 8:54 AM, Gemini846 (35.49) wrote:

This bill is an attempt to raise awareness in congress. To get people talking and writing thier congressmen nothing more. Previous attempts to abolish the fed have failed because it was established before anyone who is in power was born and they don't know how it works or why its important to destroy it.

BTW Gethner's pic is on the cover of Bloomberg this month if you need something for your dartboard.

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#4) On March 12, 2009 at 8:59 AM, shortstack77 (< 20) wrote:

This is a good piece of legislation. Any politician who won't support HR 1207 proves beyond a reasonable doubt that they are under the thumb of Bernanke and crew.

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#5) On March 12, 2009 at 3:41 PM, edgebander (94.90) wrote:

I wonder how many people know just how dangerous the Fed is to their civil liberties.  Hmmm just going out on a limb here but if this crisis was created by to much available credit being lent to morons who couldn't and wouldn't honor their commitments, than why is the answer to the riddle to make even more credit available at the expense of the American taxpayers.  The Fed is and always will be corrupt, they charge interest on money that never ever existed.  They enslave the American public in debt obligations made through the Treasury and doing this in a windowless secret room.  Americans and the rest of the world needs to wake the FU*K up.  If everything is on the up and up than why are they so FUC#IN secretive about everything. 

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#6) On March 15, 2009 at 11:33 AM, freearthur (< 20) wrote:

The Fed creates paper "money" out of thin air. Thus, it causes inflation. Inflation is bad for savings and results in too much debt. There is too much debt in the United States according to "The Empire of Debt: The Rise of an Epic Financial Crisis," the title of a book by William Bonner and Addison Wiggin (Agora, 2006). The Empire of debt supports the welfare-warfare state, based on debt.

"Paper money eventually returns to its intrinsic value -- zero!," exclaimed Voltaire.

We need a gold standard. Repeal all legal tender laws. No more taxes on the sale of gold and silver.Gold and silver are moneys.

Study Austrian-school economics. Visit the Mises Institute's Web site at

Go Ron Paul! Support HR 1207!


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#7) On April 19, 2009 at 3:02 PM, kdakota630 (29.41) wrote:

Congratulations, milpo!

This blog is currently being used at Wikipedia about the reception of HR 1207.  They mention Motley Fool, but the footnote link brings you to this blog specifically. Report this comment
#8) On May 21, 2009 at 5:02 PM, SavorTheMoment (29.79) wrote:

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